One of the main pieces of advice I give people is to not fall in love with real estate, and instead focus on return on investment. The reason why I have to constantly repeat this mantra is because it’s really easy to fall into this trap! In fact, it just happened to me this weekend. I almost abandoned my entire real estate philosophy!

On this episode of Investing in Real Estate, I’m sharing my story of almost purchasing a vacation rental in Maine. I’ll discuss how I got an idyllic notion in my head, and how I came back down to reality. This is a tale that all investors need to be reminded of; don’t miss episode 222 of Investing in Real Estate!

More About This ShowThis weekend Natali and I celebrated our anniversary in Maine, and I fell in love with the beautiful homes in the harbor towns. I thought about purchasing a huge, expensive home and renting it out as a vacation rental. I imagined taking my family there on the weekends.

I even asked locals about the area, and got in contact with a realtor. But when Natali and I sat down and crunched the numbers, I realized how foolish I was being. A property like that, even if it was consistently rented throughout the year would only produce around 3% ROI.

At that rate, why even invest in real estate? I might as well be a stock market investor for those kinds of returns. Not to mention, with all the money I would use for just a down payment on a rental in Maine, I could scoop up multiple low cost properties in the Midwest.

At the end of the day, this was a stupid idea! I let the idea of sitting by a fire in Maine writing a novel, watching the lobster boats come into the harbor get the best of me. I was violating my core philosophy because the numbers didn’t make sense!

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.